(2) The department shall review the proposed agreement and if the department determines that the agreement is sufficient for the purposes of ORS 284.771 to 284.801, department shall:
(a) Notify the board and the third-party administrator of its determination; and
(b) Distribute to the third-party administrator all moneys in the Eastern Oregon Border Economic Development Board Fund established under ORS 284.801 that are available for the purpose of awarding grants and making loans in accordance with ORS 284.791.
(3)(a) If the department determines that the proposed agreement is not sufficient, the department shall return the agreement to the board with recommendations for revising or rejecting the agreement.
(b) The board may consult with the department regarding the department’s recommendations and, with the department’s approval, resubmit the agreement with appropriate changes as necessary.
(4)(a) The board or the third-party administrator may terminate the agreement at any time.
(b) Upon termination of the agreement by either party, the third-party administrator shall transfer all unspent and unobligated moneys remaining from the moneys distributed under subsection (2) of this section to the department for deposit in the Eastern Oregon Border Economic Development Board Fund. [2020 s.s.1 c.9 §6]